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BELMAR ELECTRICAL SERVICES LIMITED

Unaudited Financial Statements

for the Year Ended 31st October 2023






BELMAR ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 07061714)






Contents of the Financial Statements
for the year ended 31st October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BELMAR ELECTRICAL SERVICES LIMITED

Company Information
for the year ended 31st October 2023







DIRECTOR: J Davies





REGISTERED OFFICE: Unit 3A
10 Badger Way
Prenton
Wirral
CH43 3HQ





REGISTERED NUMBER: 07061714





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

BELMAR ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 07061714)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,061 1,248
Tangible assets 5 34,846 42,244
35,907 43,492

CURRENT ASSETS
Stocks 32,068 72,742
Debtors 6 159,636 188,396
Cash at bank and in hand 144,593 297,562
336,297 558,700
CREDITORS
Amounts falling due within one year 7 182,260 482,537
NET CURRENT ASSETS 154,037 76,163
TOTAL ASSETS LESS CURRENT LIABILITIES 189,944 119,655

CREDITORS
Amounts falling due after more than one
year

8

(28,578

)

(39,565

)

PROVISIONS FOR LIABILITIES (6,621 ) (8,027 )
NET ASSETS 154,745 72,063

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 154,645 71,963
154,745 72,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BELMAR ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 07061714)

Balance Sheet - continued
31st October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19th March 2024 and were signed by:





J Davies - Director


BELMAR ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 07061714)

Notes to the Financial Statements
for the year ended 31st October 2023

1. STATUTORY INFORMATION

Belmar Electrical Services Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BELMAR ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 07061714)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to / from related parties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

BELMAR ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 07061714)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st November 2022
and 31st October 2023 5,388
AMORTISATION
At 1st November 2022 4,140
Charge for year 187
At 31st October 2023 4,327
NET BOOK VALUE
At 31st October 2023 1,061
At 31st October 2022 1,248

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st November 2022
and 31st October 2023 103,013
DEPRECIATION
At 1st November 2022 60,769
Charge for year 7,398
At 31st October 2023 68,167
NET BOOK VALUE
At 31st October 2023 34,846
At 31st October 2022 42,244

BELMAR ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 07061714)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st November 2022
and 31st October 2023 42,306
DEPRECIATION
At 1st November 2022 22,726
Charge for year 1,732
At 31st October 2023 24,458
NET BOOK VALUE
At 31st October 2023 17,848
At 31st October 2022 19,580

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 157,854 187,025
Other debtors 1,782 1,371
159,636 188,396

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 1,963 8,211
Trade creditors 31,588 324,416
Taxation and social security 108,693 110,254
Other creditors 30,016 29,656
182,260 482,537

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 24,302 34,167
Hire purchase contracts 4,276 5,398
28,578 39,565

BELMAR ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 07061714)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

9. RELATED PARTY DISCLOSURES

Included in creditors is an amount of £12,856 (2022 - £490), owing to Mr J Davies whom is a director and shareholder of the company.